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>> i don't really have a beef with warren buffett. if he thinks that he's paying unfairly low taxes, largely because he takes advantage of capital gains, and then puts his money into foundation so he he doesn't pay taxes on the capital gains and gets a he deduction on the money that he
>> i don't really have a beef with warren buffett. if he thinks that he's paying unfairly low taxes, largely because he takes advantage of capital gains, and then puts his money into foundation so he he doesn't pay taxes on the capital gains and gets a he deduction on the money that he
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Sep 17, 2011
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>> i don't really have a beef with warren buffett. if he thinks that he's paying unfairly low taxes, largely because he takes advantage of
>> i don't really have a beef with warren buffett. if he thinks that he's paying unfairly low taxes, largely because he takes advantage of
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Sep 25, 2011
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warren buffett's secretary shouldn't pay a higher tax rate than warren buffett. there's no justification for it. it is wrong that in the united states of america, a teacher, a nurse or a construction worker who earns $50,000, should pay higher tax rate than somebody pullingn 50 million dollars. >> a very busy week for the media began with the president pitching his latest tax plan, citing what is now referred to as the buffett rule. so, let's start there. the media theme, judy, seems to be that the, you know, it's time to soak the rich and ask them to pay more money, but the rich do pay an awful lot of taxes. >> right, it's true. it was very interesting, the disconnect between the media and the people. the american people seem to like this speech, but boy, the media certainly didn't and some of the most stallwart liberal columnists deserted the president on this and said, you know, hey, wait a minute, this is not what we wanted, this isn't what we had signed up for. so, it was an odd week. >> jon: jim, the president, the line he keeps using about warren buffett's
warren buffett's secretary shouldn't pay a higher tax rate than warren buffett. there's no justification for it. it is wrong that in the united states of america, a teacher, a nurse or a construction worker who earns $50,000, should pay higher tax rate than somebody pullingn 50 million dollars. >> a very busy week for the media began with the president pitching his latest tax plan, citing what is now referred to as the buffett rule. so, let's start there. the media theme, judy, seems to...
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warren buffett's secretary shouldn't pay a higher tax rate than warren buffett. >> all right, you say the president is wrong on this. tell me why. >> well, first of all, warren buffett's secretary doesn't pay a higher tax than warren buffett. warren buffett is the largest shareholder of berkshire hathaway, that's the majority of his wealth and berkshire hathaway pays 35% corporate income tax, that's his money, warren buffett's money. if his corporation didn't pay that tax, it would have been able to pay that money out to him in dividend. it's ingenuous to pretend that warren buffett isn't paying a lot of taxes and of course the taxes he's paying is in capital gains and that's because warren buffett chooses to work for no sally. if he paid a salary through berkshire hathaway he would have paid a tax rate. >> i'm paying well over 40% of my income in federal and state income taxes right now. how much more do they want to take? >> a lot more, have you not been hearing the president? he wants to take all of it. >> medieval serf as only got elevated to the lord. >> and you would think that
warren buffett's secretary shouldn't pay a higher tax rate than warren buffett. >> all right, you say the president is wrong on this. tell me why. >> well, first of all, warren buffett's secretary doesn't pay a higher tax than warren buffett. warren buffett is the largest shareholder of berkshire hathaway, that's the majority of his wealth and berkshire hathaway pays 35% corporate income tax, that's his money, warren buffett's money. if his corporation didn't pay that tax, it would...
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we will get to the warren buffett issue. but the wealthy democrats, have they been paying their fair share the last two, three, four years? >> i think people who are getting special tax preferences are not paying their fair share. they are not sharing the responsibility and trying to address the challenges that our country faces. what the president was doing is laying out a long-term deficit reduction plan and says over a period of time, we have to reform our tax code in a way that eliminates preferences that benefit certain special interests and have disproportionately benefited very wealthy people. >> what do you think would be a fair share percentage of earned income that the wealthy should pay? >> well, if you go back to the 1986 reagan tax reform proposal, they had the same rate applying to both income on capital gains and dividend and earned income. so the last time we had a big tax proposal under president reagan, that was the result, an equal tax rate applied to folks who earn most of their income through investments
we will get to the warren buffett issue. but the wealthy democrats, have they been paying their fair share the last two, three, four years? >> i think people who are getting special tax preferences are not paying their fair share. they are not sharing the responsibility and trying to address the challenges that our country faces. what the president was doing is laying out a long-term deficit reduction plan and says over a period of time, we have to reform our tax code in a way that...
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Sep 18, 2011
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>> i don't really have a beef with warren buffett. if he thinks that he's paying unfairly low taxes, largely because he takes advantage of capital gains, and then puts his money into foundation so he he doesn't pay taxes on the capital gains and gets a he deduction on the money that he contributes, i think that would be entirely appropriate that he pay those taxes. >> paul: so, what is your -- what about you? you don't -- you say you wrote the piece, very interesting, that 80, 90% of your income this year would go for taxes of one kind or another. >> it's a slightly lower number. i get to it because not only the current years state and federal income tax burden and fica and the like, also at age 72, my life expectancy is not great and i would expect to pay estate taxes soon. and the sum of those, too, end up to be a high number. >> paul: here is one of the points that buffet makes of the capital gains taxes he acknowledges he pays a lot of on dividends, those are taxed at a lower rate, 15% now, than on income from wage earners taxed a
>> i don't really have a beef with warren buffett. if he thinks that he's paying unfairly low taxes, largely because he takes advantage of capital gains, and then puts his money into foundation so he he doesn't pay taxes on the capital gains and gets a he deduction on the money that he contributes, i think that would be entirely appropriate that he pay those taxes. >> paul: so, what is your -- what about you? you don't -- you say you wrote the piece, very interesting, that 80, 90%...
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warren buffett. good morning, i'm eric sean. >> jamie: it could have been eric sean but it is warren buffett. >> eric: not quite! >> jamie: welcome to america's news headquarters. it could affect a lot of people. the so-called buffett rumor and will include a new minimum tax rate for americans that earn more than $1 million a year. the president's plan will face stiff opposition, from republicans, on capitol hill, and, peter doocy has been gauging how folks feel about it there, live in washington. great to see you. how much will the buffett rule change the tax rate, if you are a millionaire? >> reporter: we don't know yet for sure but we have an idea what the president might think is fair, because back in '09 he did support a 5-4% millionaire surtax, as a possible way to pay for health care reform and tom's speech will not have specifics about the new rate or how much revenue the new buffett rule might raise. but, the president does want the rich and the middle class to pay uncle sam the same percent
warren buffett. good morning, i'm eric sean. >> jamie: it could have been eric sean but it is warren buffett. >> eric: not quite! >> jamie: welcome to america's news headquarters. it could affect a lot of people. the so-called buffett rumor and will include a new minimum tax rate for americans that earn more than $1 million a year. the president's plan will face stiff opposition, from republicans, on capitol hill, and, peter doocy has been gauging how folks feel about it...
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. >> neil: you absolutely love warren buffet. >> i love warren buffett. >> if he thought the bank was going to be insolvent or even if there's a remote chance he would not have put his money there. he's a very smart guy and trust him ahead of moody's any day of the week. >> but, ben. >> well capitalized and great shape. >> and the fact they had to give him a deal. and at these levels, why are they doing that? >> they want to be better capitalized. they're well had-capitalized and they want to get more capitalized. >> neil: adam, get into that. >> well, in a way things are far better than 2008 for the american banks in particular and this is key, the capital levels are higher. that means they're in a safer position. they're not in threat of going down, as charlie correctly said. going down by which i mean dying. on the other hand what we're seeing to answer your questions, charles, these banks are trying to shore themselves up, shore up the balance sheets, but the businesses are bad. >> why are they bad? >> and they're laying off workers, and this economy and-- >> you've been reporting
. >> neil: you absolutely love warren buffet. >> i love warren buffett. >> if he thought the bank was going to be insolvent or even if there's a remote chance he would not have put his money there. he's a very smart guy and trust him ahead of moody's any day of the week. >> but, ben. >> well capitalized and great shape. >> and the fact they had to give him a deal. and at these levels, why are they doing that? >> they want to be better capitalized....
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tell me why. >> well, first of all, warren buffett's secretary doesn't pay a higher tax than warren. he's the large jest shareholder of his company. that's the majority of his wealth. berk shyer hatberkshire hathawa. this is ridiculous to pretend warren buffett isn't paying a lot of taxes. of course, what he's paying is in capital gains. that's because he chooses to work for no salary. if he paid himself a salary through his company, he would pay a very high tax rate just like i'm paying. i mean, i'm paying well over 40% of my income in federal and state income taxes right now. how much more do they want to take? >> mike: a lot more. have you not been hearing the president? he wants to take all of it. >> medieval serfs only had to pay 35%. i wish i could be elevated to the level of a serf. >> mike: i said god asked us to pay a dime out of each dollar to take care of him. you wouldn't think the government would asked more than god was. >> we'd have a lot more to tithe if the government didn't take so much. >> mike: speaking of warren buffett, his firm is fighting the irs wanting to ge
tell me why. >> well, first of all, warren buffett's secretary doesn't pay a higher tax than warren. he's the large jest shareholder of his company. that's the majority of his wealth. berk shyer hatberkshire hathawa. this is ridiculous to pretend warren buffett isn't paying a lot of taxes. of course, what he's paying is in capital gains. that's because he chooses to work for no salary. if he paid himself a salary through his company, he would pay a very high tax rate just like i'm paying....
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>> well, he was specifically talking about warren buffett, which warren buffett himself had said and i know that mr. buffet is not lying. and fact check also said that over 1400 millionaires pay zero. if they were each paying a million dollars that is over $435 million. we are also talking about what these millionaires claim. and when you are wealthy, with these tax loopholes, which the president is trying to get rid of, and which, by the way, speaker boehner and other republicans also agree with him on, these millionaires won't be able to hide their money in off-shore banks in kuwait, switzerland, buy turkish bonds, et cetera. they are paying taxes on money they claim to have earned and a lot of the money is hidden because they have very fancy accountants hide that money. megyn: let me give the viewers what the actual ap report says, leslie mentions the 1470 households had income taxes over a million and they paid no federal income tax according to the irs. that is less than 1% of the nearly 237,000 returns of folks who did have income taxes of higher than 1 million. the vast majori
>> well, he was specifically talking about warren buffett, which warren buffett himself had said and i know that mr. buffet is not lying. and fact check also said that over 1400 millionaires pay zero. if they were each paying a million dollars that is over $435 million. we are also talking about what these millionaires claim. and when you are wealthy, with these tax loopholes, which the president is trying to get rid of, and which, by the way, speaker boehner and other republicans also...
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he says billionaire warren buffett's secretary should not pay a higher tax than buffett does. is she? do millionaires and billionaires secretaries -- is louise is the secretary paying at a lower rate? in terms of total tax, is she buy any chance paying more taxes than he is? >> it depends who you are the secretary for. whether you are paying more than your boss is. if you are the secretary at for instance a hedge fund or private equity fund, you may be paying a higher that's because in a lot of these private investment firms they have this loophole called the carried interest tax where they are able to claim a lot of their income as investment income. they pay the capital gains rate, 15% on that, rather than the income taxes. if you are the secretary at a hedge fund that could be true. but, that's going to be your percentage rate. your percentage rate might be higher than your boss. the overall amount is probably higher for the boss because if the boss is pulling in millions even at lower rate the total dollar figure would be bigger. >> greta: it depends on whether you are loo
he says billionaire warren buffett's secretary should not pay a higher tax than buffett does. is she? do millionaires and billionaires secretaries -- is louise is the secretary paying at a lower rate? in terms of total tax, is she buy any chance paying more taxes than he is? >> it depends who you are the secretary for. whether you are paying more than your boss is. if you are the secretary at for instance a hedge fund or private equity fund, you may be paying a higher that's because in a...
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warren buffett made himself the poster child. his sect secretary shouldn't be paying more than he pays. he is paying, of course, taxes on his dividend. s. and it is a huge differencial and people are saying that is not fair. if we are truly serious about addressing deficit spending and serious about tax not the taxing people who make 250, well, certainly you can understand we we would tax people who make more than a million. >> chris: paul, your reaction to the millionaire tax in particular and in general to what you are hearing about the president's deficit reduction? >> old bad ideas are new again. this is how we got the alternative minimum tax which now hits minimums, maybe even 10 to 15 million middle class taxpayers. we got it because in 196 they said millionaires aren't paying taxes. put minimum tax on. that is what always happens when they say we want to tax the rich. there aren't enough rich to go around or finance the deficit so you end up hitting the middle class. >> how do you justify you would say have a serious attac
warren buffett made himself the poster child. his sect secretary shouldn't be paying more than he pays. he is paying, of course, taxes on his dividend. s. and it is a huge differencial and people are saying that is not fair. if we are truly serious about addressing deficit spending and serious about tax not the taxing people who make 250, well, certainly you can understand we we would tax people who make more than a million. >> chris: paul, your reaction to the millionaire tax in...
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now, he is warren buffett's report for the tax hike. >> right now warren buffett pays lower tax than a secretary. an outrage he has asked us to fix. we need a tax code where everyone gets a fair shake. >> reporter: buffet wrote a times op-ed and the oracle from omaha is the face of the sales pitch, decrats think it's not going to have a problem. >> i wonder john boehner knows what it sounds like that the republican's position you can't impose one more penny in taxes on the wealthiest people. how does it sound in ohio, working families. >> and this new minimum tax rate would affect about 450,000 people which is .03% of all the flie filers in 2010. >> heather: thank you very much. peter doocy in washington. >> gregg: well, next week when fox news and google host a critical debate, the viewers will have a chance to ask your own questions. you can choose from a handful of questions posted by other viewers and vote for which ones you like answered the most. shannon bream explains how. >> reporter: if you've watched a political debate, why don't they ask what i really want to know? fox new
now, he is warren buffett's report for the tax hike. >> right now warren buffett pays lower tax than a secretary. an outrage he has asked us to fix. we need a tax code where everyone gets a fair shake. >> reporter: buffet wrote a times op-ed and the oracle from omaha is the face of the sales pitch, decrats think it's not going to have a problem. >> i wonder john boehner knows what it sounds like that the republican's position you can't impose one more penny in taxes on the...
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we need a tax code where everyone gets a fair shake. >> so warren buffett has really become the center piece of the sales pitch here and it is a pitch that democrats think is really going to work easily on most americans. >> i wonder if john boehner knows what it sounds like when continues to say the position of the republican party in america is that you can't impose one more penny in taxes on the wealthiest people. i wonder if he understands how that sounds in ohio to working families who are struggling. >> and this new you minimum tax rate for millionaires would affect about 450,000 people which is 0.3% of the 144 million filers from 2010. shannon? >> shannon: thank you very much, peter. a new book is proving to be yet another headache for an administration already feeling the pain. the latest challenge for a president dealing with a low job approval rating. democrats unhappy with the west wing strategy and economic misery. james carville even advised the white house that it is time to "panic." joining us democratic strategist debra dingell and karen hammity. welcome to you both. >>
we need a tax code where everyone gets a fair shake. >> so warren buffett has really become the center piece of the sales pitch here and it is a pitch that democrats think is really going to work easily on most americans. >> i wonder if john boehner knows what it sounds like when continues to say the position of the republican party in america is that you can't impose one more penny in taxes on the wealthiest people. i wonder if he understands how that sounds in ohio to working...
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warren buffett's secretary shouldn't pay a higher tax rate than warren buffett. there's no justification for it. it is wrong that in the united states of america, a teacher or a nurse or a construction worker who earns $50,000, should pay higher tax rates than somebody pulling in $50 million. anybody who says we can't change the tax code to correct that, anyone who assigns some pledge to protect every single tax loophole so long as they live, they should be called out. they should have to defend that unfairness. explain to somebody who is making $50 million a year, in the financial markets, should be paying 15% on their taxes when a teacher making $50,000 a year, is paying more than that, paying a higher rate. they ought to have to answer for that. and if their pledge to keep that kind of unfairness in place, they should remember the last time i checked, the only pledge that really matters is the pledge we take to uphold the constitution. we're already hearing the usual defenders of these kind of loopholes saying this is just class warfare. i reject the idea that
warren buffett's secretary shouldn't pay a higher tax rate than warren buffett. there's no justification for it. it is wrong that in the united states of america, a teacher or a nurse or a construction worker who earns $50,000, should pay higher tax rates than somebody pulling in $50 million. anybody who says we can't change the tax code to correct that, anyone who assigns some pledge to protect every single tax loophole so long as they live, they should be called out. they should have to...
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ted turner was talking about warren buffett giving away a lot of his money. >> it is easier for he and bill gates to give away half of what they have because they have so much. then somebody who only has one billion dollars it is hard to afford a jet plane at that level. >> bill: oh! i'm sure we all feel mr. turner's pain. might be a pinhead in this regard. >> 16-year-old lexi won the lpga classic last sunday and donated $20,000 of her winnings to the wounded warrior project. we an proud her contribution and her skill. she is a patriot. >> the high bid for this poster signed by all five living presidents, i don't think they've ever signed anything together ever before, the high bid is $46,000. you can bid on billoreilly.com. another $100,000 has been raised if you give a donation of $25 or more you get a facsimile of this document. that is it for us. check out the webs thanks for stops right here. because we are definitely because we are definitely looking out for you. closed captioning by closed captioning services,inc >> top of the morning to you. it's thursday, september 22, 2011. i
ted turner was talking about warren buffett giving away a lot of his money. >> it is easier for he and bill gates to give away half of what they have because they have so much. then somebody who only has one billion dollars it is hard to afford a jet plane at that level. >> bill: oh! i'm sure we all feel mr. turner's pain. might be a pinhead in this regard. >> 16-year-old lexi won the lpga classic last sunday and donated $20,000 of her winnings to the wounded warrior project....
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people like billionaire warren buffett and then there is dr. marry j., a trail blazer in her right, pioneer to pave the way for young people to live their lives beyond the dream. >> they hope to get to the promised listened of success. they hope they make a difference in someone's life. >> kelly: a young actor portraying martin luther king junior. others playing malcolm x a stirring salute to trailblazers, those who pave the way for others to succeed. the gbt academy of the arts brings history to life through art, dance, creative writing and music. ♪ >> 30 years ago, dr. marry j. became a dreamer like dr. king and saw children in omaha black community in need of hope and motivation. so she embarked on a dream to make a difference in the life of every child. >> so many of the children, they just don't feel they have anybody to help them. they don't have -- what do we call it? the encouragement from the parents, the individuals that they live with. some of if children come from broken homes. we just want to help them in any way they can, to see
people like billionaire warren buffett and then there is dr. marry j., a trail blazer in her right, pioneer to pave the way for young people to live their lives beyond the dream. >> they hope to get to the promised listened of success. they hope they make a difference in someone's life. >> kelly: a young actor portraying martin luther king junior. others playing malcolm x a stirring salute to trailblazers, those who pave the way for others to succeed. the gbt academy of the arts...
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warren buffett may want to do that, but a former ceo says no
warren buffett may want to do that, but a former ceo says no
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. >> this is being called the buffett rule because it comes after warren buffett, the multibillionaire said i end up because i get so much of my none any from capital gains i end up paying a lower effective tax rate than my secretary who gets her money in salary. what about the question of salary, sir? >> what he forgets to mention on that, that is a double tax. capital gains and dividends are money that has been taxed before based on income. the first level of tax on the money. then capital gains and dividends tax you are paying the tax again on the money that earned this. we have done this before. raised capital gains taxes and dividend taxes. we hurt economic growth. we stifeled investment in our economy. if we tax investment and job creation more you will get less of it. like i said, this looks like to me not a very good sign because t looks like the president wants to move down the class warfar path. that will divide the country more, attack job creators, divide people and it doesn't grow the economy. go to budget.house.gov that has a common sense idea to lower tax on these things
. >> this is being called the buffett rule because it comes after warren buffett, the multibillionaire said i end up because i get so much of my none any from capital gains i end up paying a lower effective tax rate than my secretary who gets her money in salary. what about the question of salary, sir? >> what he forgets to mention on that, that is a double tax. capital gains and dividends are money that has been taxed before based on income. the first level of tax on the money....
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. >> while he is up about $5 billion the number two guy, warren buffett, is down about 6 billion. >> paying more in taxes but he has been down, berkshire hathaway, his big investment vehicle is down a little bit. he has been giving away as well to bill gates and his foundation. jon: larry ellison, founder of oracle, number three. the koch brothers. the guy conservatives love to hate. george soros comes in at number 7. he is up almost $8 billion. >> we have a lot of new information on soros that cracked him into the top 10 for the first time. most of his money in his fund is his money turns out. not outside investors. jon: a couple members of walton family are in there as well. jim and alice, heirs of sam walton. if he hadn't split up the family fortune if he were still alive he would number one. >> by far. jon: in all likelihood. a bunch of newcomers on this look. >> if you start a social network called facebook you would be on the list. zuckerberg has been on the list. sean parker our cover boy is on the list and savrin who is out of the company but still a billionaire. jon: i only
. >> while he is up about $5 billion the number two guy, warren buffett, is down about 6 billion. >> paying more in taxes but he has been down, berkshire hathaway, his big investment vehicle is down a little bit. he has been giving away as well to bill gates and his foundation. jon: larry ellison, founder of oracle, number three. the koch brothers. the guy conservatives love to hate. george soros comes in at number 7. he is up almost $8 billion. >> we have a lot of new...
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in justifying the millionaire tax he calls it the buffet rule and he says warren buffett makes a lower tax burden than his secretary does because he has all these ways of getting around the tax code and therefore all people who make a million dollars or more should pay this additional surtax. does he have a point? >> no, he doesn't. we have the minimum tax alternative minimum tax, which was enacted 40 years ago supposedly to hit people who were using deductions. what you have here is a con tpugs between a salaried income and dividends and capital gains. capital gains come from taking risks. all the money you lose you hope you get a few gains in terms of big hits so you don't want to punish people who take the risks out there and create the new jobs. and so this is a kind of tax system we had in the 1970s, which is a terrible decade financially and it's political theater. he doesn't put out there the rate he wants to put on the so-called millionaires because he knows when people hear that you're going to have a 30, 35% capital gains tax that we tonight have since the carter years the am
in justifying the millionaire tax he calls it the buffet rule and he says warren buffett makes a lower tax burden than his secretary does because he has all these ways of getting around the tax code and therefore all people who make a million dollars or more should pay this additional surtax. does he have a point? >> no, he doesn't. we have the minimum tax alternative minimum tax, which was enacted 40 years ago supposedly to hit people who were using deductions. what you have here is a...
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he thinks that making republicans argue against higher taxes on warren buffett somehow hurts us politically, helps him, and most americans would like to see us work together to solve e problem of unemployment and debt. jon: so your view is his presentation is more about politics than policy? is. >> you got it. [laughter] why would you send something up here that can't get anywhere near 60 votes in the senate? the house is not going to take it up, and this is class warfare at a time he need to move the whole country forward. and we're not going to increase taxes on anyone because we're trying to create jobs. and if you increase taxes on people who hire folks, you're not going to move the ball forward on reducing unemployment. so, clearly, the president knows what this is about, that this is about politics taking over policy. and that's too bad really. jon: i have now heard, essentially, the same statement out of both the president and your fellow colleague, chuck schumer from new york, who said, essentially, we can either raise taxes, or we can cut medicare benefits for old people. we can't
he thinks that making republicans argue against higher taxes on warren buffett somehow hurts us politically, helps him, and most americans would like to see us work together to solve e problem of unemployment and debt. jon: so your view is his presentation is more about politics than policy? is. >> you got it. [laughter] why would you send something up here that can't get anywhere near 60 votes in the senate? the house is not going to take it up, and this is class warfare at a time he...
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now, warren buffett pumped in about five billion which certainly helped b of a, but they're suffering because of their acquisition of countrywide. >> absolutely, of countrywide. so they have an awful rot of those bad loans to work off. you've got the federal government suing them in another case for mortgage foreclosure problems. that could take another big chunk out of the banks, bank of america -- gregg: could this ruin b of a or not? >> well, i think that is probably going too far at this stage. b of a's stronger than it was in 2008, but there's no question that they're struggling. the key thing, look at bank stock prices. gregg: sure. >> because those have been really low, and when you look at that, they're saying, you know what? their earnings are going to be hurt for many, many years. gregg: yeah. i wonder if this could cause another bank bailout by the federal government, or is that overstating it as well? >> well, just by itself, no. but combined with a recession, if that's what we've got, you never know. that would be the real trouble. gregg: now, negligence is failure to exe
now, warren buffett pumped in about five billion which certainly helped b of a, but they're suffering because of their acquisition of countrywide. >> absolutely, of countrywide. so they have an awful rot of those bad loans to work off. you've got the federal government suing them in another case for mortgage foreclosure problems. that could take another big chunk out of the banks, bank of america -- gregg: could this ruin b of a or not? >> well, i think that is probably going too...